This is particularly good news. It seems that securities that are currently backed by mortgages closed up a few points higher. What did that mean for the rest of the market? It meant that some lenders had to reprice, for the greater good. Although it didn’t seem to move this morning. Mortgage backed securities rates are about the same today and yesterday’s. Conventional mortgages should rate at around 4.75 to 5, just check your local broker or shop around for some lenders.

Sadly, consumer confidence has reached a new low. No matter how positive the reception to Obama’s optimistic tone, we managed to be a lot less confident of our economy than ever.

However maybe we have some hope. New debt on the market usually causes mortgage backed securities to move lower which means that mortgage rates go higher. Hope is always good. Right now people are hurting. President Obama has been very optimistic and we will be eager to know what else he has planned for our economic recovery. Will he be our savior or will he be a non-entity in this entire saga?
Will he have something for the consumers to help them out with their credit? Will credit finally start moving? Mortgage rates may slowly come up soon but we need more. We need the consumer happy. Right now we are all concerned and when we’re worried, we tend to hold on to our money. When we hold on to money, things stop moving. The market slows down. People lose their jobs. They default on mortgages. Home loans are closed. Foreclosures happen.

Hopefully we get better news later. At least we know something is being done. I just done know if it is the right thing.

Here’s to us, world!

Related posts:

1. Fed Efforts on Low Mortgage Rates Low

2. Mark-to-Market and Mortgages

3. Thornburg Mortgage – Bankrupt!

4. Low Mortgage Lenders : Hope In the Foreclosure Plan?

5. TARP Speculation – Mortgage Help in the Works?